Bullion fluctuated either side of $4,500 an ounce, swinging as much as 1% in either direction, after tumbling nearly 11% in its worst week since 1983. Since the conflict began, surging oil prices have raised inflationary risks and reduced the likelihood of near-term interest-rate cuts by the US Federal Reserve and other central banks. This is a headwind for non-yielding gold, which has declined for eight consecutive sessions.